Lender in Focus 13.6: Pounds to Pocket complaints and refunds

Before taking out a loan with any lender, it is a good idea to do some background research. As part of your research on Pounds to Pocket, it can be helpful to look at some Pounds to Pocket complaints.

Many borrowers are happy with their experience of Pounds to Pocket. However, there are some who feel that they need to make a complaint. Pounds to Pocket may be to blame for some of the issues customers have complained about. Other complaints may reflect the financial problems the borrowers themselves are facing.

The amount of customers that Pounds to Pocket works with on a daily basis, means that occasionally there are going to be mistakes. If a customer feels that their experience of Pounds to Pocket has been negative in some way, they may wish to make a formal complaint.

Pounds to Pocket is a responsible lender. It, therefore, must address any complaints that it receives from its customers.

Pounds to Pocket complaints: How do you make one?

If you are unhappy with your experience you could make a complaint. The Pounds to Pocket Complaint Resolution Process is available on their website.

You should first report your complaint directly to Pounds to Pocket. This can be done in writing or over the telephone.

You should get an acknowledgement confirming the receipt of your complaint within 5 business days. Pounds to Pocket will then negotiate with you to try and work towards a solution.

You should receive a final response from Pounds to Pocket within 8 weeks of them receiving your initial complaint.

If you are unhappy with the response from Pounds to Pocket after the 8 week period, you can then contact the Financial Ombudsman Service. The Financial Ombudsman will then conduct an independent review of your complaint. You should do this within 6 months of receiving the final response letter from Pounds to Pocket. Otherwise, the Financial Ombudsman may not be able to consider your complaint.

Pounds to Pocket will explain all this to you in your final response letter. Your letter will also contain a leaflet containing information to assist you with your complaint.

If you would like to make a complaint to Pounds to Pocket, their details are as follows:

The European Commission has also set up a dispute resolution service online. This is to help anyone who has a complaint about any goods or services that they have bought online, from traders inside the European Union.

If you have not been able to get your complaint resolved and you applied for your loan online, you can complain to this service.

Pounds to Pocket complaints data

CashEuroNet UK, LLC, trading as Pounds to Pocket and QuickQuid, has a complaints data report covering 1 January 2016 to 31 December 2016 available on their website.

Over this time period, there were 9,238 complaints opened and 8,751 closed. 11% of the complaints during this timeframe were upheld.

Types of complaints about Pounds to Pocket

By looking at negative loan reviews, you can get a good idea of any issues previous Pounds to Pocket customers faced.

A loan was refused even after someone spent time uploading supporting documents

Another customer had a loan with Pounds to Pocket’s sister company and was refused a loan with Pounds to Pocket.

Most of the negative reviews on review.co.uk had the potential to be resolved relatively easily.

Customers talked about being refused another loan, even after they had paid off their previous loan. This shows that Pounds to Pocket is a responsible lender.

Pounds to Pocket conducts credit checks to help it decide whether or not to approve customers for a loan. If Pounds to Pocket concludes that a customer cannot afford to make the repayments, then their application will be refused. This will apply to all customers, including those who have a loan with Pounds to Pocket’s ‘sister company’.

This means that, even if you have uploaded your supporting documents, you may still be refused a loan. As frustrating as this may be for some, this again demonstrates that Pounds to Pocket is a responsible lender.

These are some genuine 1 and 2-star reviews written by Pounds to Pocket customers:

“i have a loan with your sister company that charge far more interest and wanted to borrow another loan from yourselfs to pay that off but no joy even though i been good customer,i stated you pay them direct and close the account and met with a brickwall”

“i HAVE 2 PAYMENTS LEFT TO PAY—-I HAVE NEVER BEEN BEHIND– I HAVE ALWAYS PAID ON DUE DATE…i ASKED FOR A TOP UP AND WAS REFUSED…!!!!!”

“Wouldn’t ever bother again with them paid back them never missed payment then when applied again was told no rubbish company”

Pounds to Pocket refunds and compensation

If you make a complaint to Pounds to Pocket, you may be offered financial compensation, if Pounds to Pocket feels that your complaint is valid.

The Financial Ombudsman Service is available to anyone who has serious complaints about Pounds to Pocket. You can contact this service if you have not received a satisfactory response from Pounds to Pocket in their final response letter.

If the Financial Ombudsman rules that Pounds to Pocket is at fault, you may be entitled to either a full or partial refund.

The Financial Conduct Authority (FCA) can also fine lenders who it finds have treated customers unfairly.

In November 2015, CashEuroNet UK LLC agreed with the FCA to provide redress totalling £1.7 million to almost 4,000 customers.

This was as a result of CashEuroNet UK LLC reassessing all loans that were in arrears for 30 or more days, that they had granted since 1 April 2014 (when new FCA rules were introduced). They found that 3,940 customers were lent more than they could afford to repay.

Most of the reviews regarding Pounds to Pocket are very positive. As of March 2017, Pounds to Pocket has a score of 4.09 out of 5 and a total of 322 reviews.

Pounds to Pocket is authorised and regulated by the FCA. If the Financial Ombudsman upholds a large number of complaints about Pounds to Pocket, the FCA could ultimately withdraw Pounds to Pocket’s authorisation to lend money to UK customers.

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